2015 Healthcare Insurance Enrollment Deadline Approaches

2015 Healthcare Insurance Enrollment Deadline Approaches 2015 Healthcare Insurance Enrollment Deadline Approaches

As you are probably aware, the deadline for 2015 open enrollment and re-enrollment in health insurance plans secured through the federally and state funded healthcare exchange ends February 15th. This is an important deadline because it marks the official cut off for individuals to secure independent health insurance coverage for themselves and their dependents for the entire year. After February 15th, individuals will not be able to buy a policy this year unless they have extenuating circumstances, for example a major life change. Individuals who fail to enroll by February 15th will have to remain uninsured until 2016 and will have to pay raising penalty fees. Open enrollment for 2016 coverage will not begin until October of this year according to officials.

According to reports, about 9.9 million Americans have already purchased or re-enrolled in healthcare through the federal or state insurance exchanges created by the Affordable Care Act (ACA) as of earlier this month. However, an estimated 29 million American still remained uninsured through the end of last year according to the Commonwealth Fund. According to a recent Kaiser Family Foundation Poll, almost half of uninsured Americans at the end of 2014 claim that they didn’t sign up for Obamacare because they thought they couldn’t afford to. Experts suggest that many individuals are unaware of how the new healthcare system still works which is possibly the greatest hurdle facing enrollment.

The fact is that many people still do not realize the amount of financial assistance they can receive if they are struggling to pay for coverage. According to the ACA regulations, the government will pay for part of an individual’s health insurance if they earn between 100% and 400% of the poverty level. The “poverty level” is determined on the basis of family size and income. According to a recent Time article, this translates to a single person earning between $11,670 and $46,680 this year is eligible for a tax credit, as is a family of four earning between $23,850 and $95,400. The tax credits are supposed to adjust the cost of individual health insurance to yield premiums between 2.01% and 9.56% of your total income as appropriate. This assistance is common. According to the Department of Health and Human Services, 87% of the people  who bought healthcare on the exchanges got financial help. Those who received assistance paid an average of $82 a month for their qualifying healthcare insurance plan.

At Barnes Insurance Agency, we aspire to be a resource about the Affordable Care Act and Tennessee Healthcare Reform for residents and businesses alike. We are here to help ensure that Tennessee has access to quality personal and business insurance solutions that will protect themselves, their families, and all their assets against a number of financial loss exposures. To learn more about our operation and our offerings, contact us today at (866) 733-5424.

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